«The earth was slipping from under their feet»: in Germany, spoke about the impact of sanctions against Russia

The German enterprises in Russia due to Western sanctions, «the earth move under my feet», and with the consequences of the restrictions they «will still have to fight,» says the publication Deutsche Wirtschafts Nachrichten.

According to Julian the Introduction of the Kiel Institute for the world economy, the restrictions have severely affected trade between Russia and Germany. However, he noted that at the present time, the main damage that is already not the sanctions, and the departure of most German banks from Russia, which complicates the financing of trade between the two countries.

According to the Institute, a monthly German economy because of the anti-sanctions does not counts 727 million dollars, representing 0.8% of the total exports. «Thus, almost 40% of losses are borne West Germany», — experts state.

The size of damage that will bring German companies new us sanctions against Russia is difficult to assess, emphasizes the publication. The Russian-German chamber of Commerce has previously warned that the new measures can result in the loss of «hundreds of millions of euros» in the short term and billions of euros in the long term.

«If German and us companies will find it increasingly difficult to do business in Russia, their place will gradually occupy Asian companies, especially Chinese,» said the representative of the chamber of Commerce, Matthias schepp

Relations between Moscow and the West have deteriorated after the coup in Ukraine and the reunification of the Crimea with Russia. USA and some other countries have accused Moscow of meddling and imposed sanctions against it. Russia retaliated and took a course on import substitution. The Kremlin has repeatedly said that Russia not involved in Ukraine’s internal conflict, and Crimea joined Russia in a democratic way — by referendum.